Santa Barbara Bankruptcy Attorney
Have you been concerned because of very high credit card bills and health-related bills? Are you presently being confronted in Santa Barbara with lawsuits and wage garnishments via harassing collectors?
Are you scared to death about losing your car through repossession or possibly worse, your own home through property foreclosure?
At the Santa Barbara Bankruptcy Law Offices of Michael H. Raichelson, we help our clients regain control over their fiscal affairs and allow them the ability to get their financial homes in order as a result of Santa Barbara bankruptcy.
For anyone who is facing foreclosure, repossessions, and income garnishments or is unable to pay back your unsecured credit card or medical bill liability in three to five years, you should truly think about bankruptcy options.
You file bankruptcy to receive a discharge, which is an order from the court relieving you of most of your financial debts.
In the course of the bankruptcy process, you must list all of one’s property and assets, obligations, income and expenditures on schedules attached to the bankruptcy request.
It is vital that you identify all of one’s property in the paperwork.
If a judge discovers that properties and assets were deliberately omitted from your paperwork, he may deny your discharge due to the fact you did something dishonest.
While unsecured obligations are wiped away, debts that cannot be cleared include most taxes, child support, alimony, most student education loans, court fines and criminal restitution, and personal injuries as a result of dui or driving under the influence of drugs.
Also, in the event you attained money or real estate property by fraud, a creditor can contest your release as to that particular debt and a judge may order that the debt is not discharged.
The discharge order only is applicable to obligations which exist before the date you filed the bankruptcy.
Santa Barbara Credit Card Debt Relief Has Lawyer – Trusted Legal Assistance for Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Bankruptcies.
Some creditors hold secured claims, i.e., your home loan or auto loan.
Although you don’t have to repay a collateralized claim in case the debt is discharged, this does not prevent the creditor from taking the asset.
Everyone needs to talk with a knowledgeable Santa Barbara bankruptcy attorney to assess the legal effects of not repaying a secured claim.
Bankruptcy law is principally federal law connected with some particular state laws concerning property rights.
You select the type of bankruptcy which best meets your individual needs, so long as you qualify.
Chapter 7 bankruptcies are one of the most common and usually quickest and least intrusive types of bankruptcy.
A chapter 7 bankruptcy trustee administers a chapter 7 bankruptcy claim and examines an individual at a hearing called a meeting of creditors.
The chapter 7 bankruptcy trustee examines whether there are assets of acceptable value which are not protected by state and federal law that may be liquidated for the benefit of your creditors.
You need to be acquainted with the bankruptcy process so that you can provide protection to your exempt assets from liquidation under state and federal law.
This is why it is important to select an experienced bankruptcy lawyer so that he or she can determine what assets are protectable and assure ones favorable outcome without the loss of any of your valuables.
The cost of a chapter 7 bankruptcy usually ranges between $1,000 to $3,000, and certain fees, such as the court filing fee.
Each situation is unique and the final cost is based upon the intricacy of your unique situation.
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One can only obtain a chapter 7 bankruptcy discharge every eight years.
Also, nobody can force you to pay off a financial debt that has been discharged, but you may always willingly pay that debt if you want to.
This may be true when you owe a debt to a family member or friend. Or, during the chapter 7 bankruptcy process, you can sign a reaffirmation agreement there is a particular reason of why you would wish to continue paying on the debt.
A common example is when you want to keep your automobile, and you work out a repayment plan with your creditor to pay that debt.
To make that plan legally enforceable within Santa Barbara chapter 7 bankruptcies, you have to sign and file a reaffirmation agreement with the creditor.
To be valid, the reaffirmation agreement has to be voluntary, must not be excessively burdensome, must be in your best interests, and can be cancelled by you any time before the court issues the discharge order or within sixty days after the agreement is filed with the Court, whichever is greater.
Careful deliberation ought to be made before signing a reaffirmation agreement.
For men and women, a chapter 13 bankruptcy is the next most typical type of bankruptcy Santa Barbara.
In a chapter 13 bankruptcy, one will generally keep your current exempt and non-exempt property, but you need to have a source of earnings (i.e., wages or self-employment earnings) to pay a part of one’s debts back.
This is known as a repayment plan. The court approves your repayment plan depending on how much you can afford.
The amount you can afford is determined by taking your gross income and subtracting particular acceptable expenditures.
Some of these expenditures are amounts that you genuinely pay for products or services and other expenses are amounts which are pre-specified by a formula.
The success of your repayment plan will most likely rest with retaining a skilled chapter 13 bankruptcy counsel.
The specific cost of a chapter 13 bankruptcy generally varies between $2,500 to $4,500, and particular expenses, for example the court filing fee.
Every situation is different and the final cost is dependent upon the intricacy of one’s unique situation.
However, in a chapter 13 bankruptcy, a part of the lawyer’s fees can be paid out using your repayment plan, again, depending on the complexity of your individual situation.
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For sizeable estates and corporations, a chapter 11 bankruptcy could be appropriate. In a chapter 11 bankruptcy, you can proceed to operate your organization, but your creditors and the Court has to consent to your reorganization plan. No trustee needs to be assigned unless the Court believes that one ought to be appointed.
If appointed, the chapter 11 trustee takes over your company. The cost of a chapter 11 bankruptcy is dramatically larger than chapter 7 or chapter 13 insolvencies due to the challenges related to managing a chapter 11 bankruptcy.
These types of challenges include monthly reporting requirement to the Office of the United States Trustee, approval of a disclosure statement and soliciting ballots for a successful chapter 11 plan of reorganization.
It is highly recommended that you consult with a highly skilled Santa Barbara bankruptcy lawyer before you start a chapter 11 bankruptcy.
